How to Place an Options Trade on Power E*TRADE
1. Log on to your E*TRADE account, hover over the “Trading” tab and select “Power E*TRADE” from the drop-down menu to launch the platform.
· If this is your first time logging on to the Power E*TRADE platform, you may be asked to confirm if you want real-time market data.
2. From the “Trading” tab, select “Options,” and enter a stock ticker symbol or stock name.
· On the options chain, the calls are displayed on the left side, the puts on the right, and the strike prices down the middle.
· Directly above the options information are the available expirations, which you can click to customize your options trading dashboard.
· In the upper-right corner, click the settings gear to further customize the columns to your preference.
3. To trade the option, click the blue bid or ask prices.
· Note that anywhere you see the blue bid or ask prices on the platform, you are just one click away from creating an order ticket.
4. The auto-populated order ticket displays based on your preset trading defaults.
· You can modify the settings, including: buy or sell, quantity, expiration, strike price, call or put, price, and other order instructions.
5. Click “Snapshot Analysis” to analyze the options strategy.
· You can view the risk/reward profile of this particular trade, as well as other pertinent information, such as earnings announcements and upcoming dividend dates.
6. Click “Preview” and confirm your order on the preview screen.
7. Click “Send” to place your order. You will receive a confirmation that your order has been received along with its real-time status.
· You will be notified, based on your account notification settings, once your trade has been executed. You can also check the status of your order in the “Orders” section on the “Account” tab.
· To manage an open options position, click “Positions” under the “Account” tab. Click on the options position you want to manage to adjust, close, or roll your position. To close your position, click “Close” to bring up the auto-populated order ticket, click “Preview,” and then click “Send” to place your closing order.
With just a few clicks, you’ve placed your options trade using the Power E*TRADE platform.